The upside rally could possibly test up to 47900-48200 levels in the upcoming sessions - Enrich Financial Solution
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GOLD
Technical outlook
MCX Gold Oct futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 2hr time frame. Following some sideways rallies within the channel, last session has ended in bullish with few corrections, retesting the support line. Based on the current price action, market is expected to reverse on bullish momentum once the same breaks above the key resistance level holding near 47600.
The upside rally could possibly test up to 47900-48200 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode once again. Key support holds near 47200. A slide to 46900-46600 level is also a possibility if the price makes or break below the current support level.
Technical Chart
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